U.S. Bancorp is apparently on the hunt for opportunistic large acquisitions, according to a
Wall Street Journal report.
U.S. Bancorp chief financial officer
Andrew Cecere told The Wall Street Journal that although it doesn't need a deal, it may seek one."We are absolutely of sufficient size to effectively compete," Cecere said. "We have the products, we have the customer base, we have the scale."
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U.S. Bancorp may have also bid for National City Corp., but the WSJ could not confirm it with Cecere. U.S. Bancorp was upgraded to hold from sell by Sandler O'Neil + Partners LP on Nov. 11 because the bank is less exposed than its peers and "has much stronger preprovision income levels than its peers, which should give it an advantage in dealing with these dynamics," according to a report by Barron's. - Maria Woehr
